'We've Been Waiting for This' for Decades: Dem Praises Trump's New Tariffs

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U.S. stocks were down by triple digits Friday, extending the previous day's plunge of 420 points amid concerns about the prospect of a trade war as a result of President Trump's planned tariffs on steel and aluminum imports.

On social media Friday morning Trump appeared to welcome a trade war, something numerous Republican leaders have been warning could hit American consumers in the pocketbook.

On "America's Newsroom" on Friday, Director of White House National Trade Council Peter Navarro was pressed by Sandra Smith on the tanking stock market. 

"Markets do not like this," she pointed out. 

Navarro argued that the "smart money" is still on buying, arguing that Trump's economic policies have resulted in the biggest economic boom in decades.

Smith pointed out that companies that use steel and aluminum -- like auto and boat manufacturers -- have said this move will raise the price of doing business, which will raise prices for consumers and hurt their industries. She added that the Wall Street Journal editorial board described this as the "biggest policy blunder" of Trump's presidency.

"They point out a very important fact, that steelmakers employ about 140,000 in this country [and] the steel-using industries employ about 6.5 million Americans. And the concern is that's who's going to get hit," Smith said.

"Do you want pushback here, Sandra? Or are you just going to read that editorial?" Navarro said, to which Smith replied, "Come back at me."

Navarro argued that the aluminum tariff would raise the price of a six-pack of beer by one penny and the price of an automobile by $45 and the price of a 747 by $20,000.

"The president wants to impose modest tariffs on steel and aluminum to protect these industries, so this is what the debate needs to be," Navarro said. "And all I ask, Sandra, is that it be done responsibly and we have this debate and we don't go around with our hair on fire saying the sky is falling."

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